YEREVAN (Noyan Tapan)–A Russian-Armenian joint venture has been set up to restore the Poti-Batumi ferry system. An estimated $5 million will be invested in the project–with equal shares of the Armenian and Russian parties. The project is expected to be completed by next May–Transport Minister Yervand Zakharian announced at a parliament meeting on December 8.
The Armenian side plans to earmark approximately 500 million drams from next year’s state budget and 250 million drams at the expense of the Railway Department’s funds. The remaining investment of 500 million drams is expected to be provided by private investors–the minister continued.
An appropriate draft resolution is expected to be submitted to the government for consideration soon. According to the minister–the restoration of the ferry will increase the volume of cargo shipmen’s and will help reduce shipment tariffs.